Chocolate Coconut Milk Beverages Market Size (2023 - 2030)

The Global Chocolate Coconut Milk Beverages Market is estimated to be worth USD 64.92 Million in 2022 and is projected to reach a value of USD 121.95 Million by 2030, growing at a CAGR of 8.2% during the forecast period 2023-2030.

Coconut milk is a smooth and thick liquid derived through the extraction of the shredded pulp of mature coconuts. It is extensively employed in cooking across Southeast Asia, Oceania, South Asia, and East Africa and is also prominent in the Caribbean, tropical Latin American, and West African cuisines, where it was introduced amidst colonial times. The fat level of coconut milk varies, with coconut cream being the richest, coconut milk holding up to 20% fat, and coconut skim milk comprising minimal fat. These distinctions, however, may not always apply to commercially available coconut milk in Western nations. Furthermore, coconut milk can be utilized to concoct milk substitutes, called "coconut milk beverages," which differ from regular coconut milk products intended for culinary usage. Coconut milk brings a range of health advantages. It can aid in weight loss, supply antioxidants, balance electrolytes, deter heart disease, boost the immune system, avert anemia, foster healthy hair and skin, quell inflammation, and support digestive health. Coconut milk comprises healthy fats, vitamins C and E, vital electrolytes, and iron. Lauric acid present in coconut milk assists in fighting infections, while zinc contributes to the well-being of the intestines. Furthermore, coconut milk can serve as a sugar replacer and is apt for those with lactose intolerance. 

Global Chocolate Coconut Milk Beverages Market Drivers:

The growing popularity of the vegan lifestyle among health-conscious individuals is fueling the growth of the Global Chocolate Coconut Milk Beverages Market.

Many individuals have begun to embrace a vegan lifestyle and eat solely plant-based products owing to the heightened awareness about the health benefits that a vegan diet offers to them. A vegan diet is generally free from dairy, cholesterol, and saturated fat. This diet aids in promoting weight loss, deterring the risk of heart disease by diminishing cholesterol levels, alleviating the risk of cancer, and managing diabetes by lowering A1C levels. Therefore, this factor propels the demand for chocolate coconut milk beverages.

The rising demand for natural alternatives to energy drinks is another factor contributing to the growth of the Global Chocolate Coconut Milk Beverages Market.

Consumers are adopting a proactive stance toward their health and well-being. Nowadays, health-conscious individuals who lead an active lifestyle prefer natural alternatives to energy drinks that are high in caffeine and sugar. Coconut milk is gaining popularity owing to its minimal calorie content and low amounts of fats and carbs. It provides a plethora of antioxidants and medicinal properties. Coconut milk contributes to the upkeep of healthy blood pressure, kidney function, and cardiovascular well-being. It also assists in diabetes management. As coconut milk is rich in electrolytes and nutrients, its demand as a healthy beverage is quickly escalating. Therefore, this factor also propels the demand for chocolate-flavored coconut milk beverages.

Global Chocolate Coconut Milk Beverages Market Challenges:

The Global Chocolate Coconut Milk Beverages Market is encountering challenges, primarily in terms of its side effects. Coconut Milk can escalate cholesterol levels due to its copious fat content, which can have long-term deleterious effects on health. Furthermore, individuals with tree nut allergies should steer clear of coconut milk as it can elicit allergic reactions like skin rashes, itching, tongue swelling, or breathing difficulties. These allergic reactions can be severe and pose a life-threatening risk in atypical instances. Thus, these challenges inhibit the growth of the Global Chocolate Coconut Milk Beverages Market.

Global Chocolate Coconut Milk Beverages Market Opportunities:

The introduction of new plant-based products is set to challenge the prevailing view that coconut milk comprises artificial ingredients. Additionally, the inclusion of lactose-free protein in coconut milk is projected to amplify its appeal among health-conscious individuals, as it can augment muscle mass and strength. This presents opportunities for growth in the Global Chocolate Coconut Milk Beverages Market. Leading organizations like Vita Coco, WhiteWave Food, and Califia Farms are actively involved in R&D efforts to refine the properties of coconut milk. These developments are anticipated to open up promising avenues for manufacturers to offer superior variations of coconut milk and capture a larger market share.

COVID-19 Impact on the Global Chocolate Coconut Milk Beverages Market:

The Global Chocolate Coconut Milk Beverages Market has been considerably influenced by the COVID-19 outbreak. As a result of rigorous lockdowns, travel restrictions, and social distancing measures, the demand for chocolate coconut milk beverages waned. Delays in the expedited manufacturing and distribution of goods and services have also been caused by the pandemic's influence on the market's supply chain. Numerous individuals encountered financial uncertainty, causing a decline in spending on non-essential items. These factors negatively impacted the market's growth. Despite these challenges, the market is projected to rebound alongside the global recovery from the pandemic.

Global Chocolate Coconut Milk Beverages Market Recent Developments:

• In June 2023, Once Upon A Coconut, a renowned coconut water provider, introduced two new delectable flavors, Pineapple and Chocolate, to their current range of coconut water beverages.

• In October 2021, Vita Coco launched Choc-o-lot, a dairy-free and vegan chocolate beverage made with responsibly sourced coconuts. With less than 100 calories, it is rich in potassium and immune-boosting vitamin C. 

• In August 2020, Shaken Udder, a brand known for its flavored milk, ventured into the realm of plant-based dairy alternatives with its latest release, Shaken Other. 

CHOCOLATE COCONUT MILK BEVERAGES MARKET REPORT COVERAGE:

Global Chocolate Coconut Milk Beverages Market Segmentation: By Packaging Type

• Bottles

• Cans

• Tetra Packs

The Tetra Packs segment occupied the highest market share in the year 2022. The growth can be ascribed to the advantages that tetra packs offer in contrast to other packaging types. Packaging products in Tetra Packs increases their shelf life and reduces the loss of aroma. This packaging method helps maintain the purity of chocolate-flavored coconut milk and safeguards them from impurities. Furthermore, consumers are increasingly valuing convenience and user-friendliness, which is propelling the popularity of this segment. Consequently, sellers and manufacturers are increasingly opting for this packaging option.

Global Chocolate Coconut Milk Beverages Market Segmentation: By Nature 

• Conventional 

• Organic

The Conventional segment occupied the highest market share in the year 2022. The growth can be ascribed to the advantages that conventional chocolate-flavored coconut milk beverages offer in contrast to organic chocolate-flavored coconut milk beverages, encompassing easy and quick accessibility, heightened availability, and cost-effectiveness. Conventional chocolate-flavored coconut milk's lower price compared to its organic counterpart makes it highly attractive to price-conscious consumers.

Global Chocolate Coconut Milk Beverages Market Segmentation: By Distribution Channel

• Convenience Stores

• Supermarkets/Hypermarkets

• E-commerce

• Others

The Supermarkets/Hypermarkets segment occupied the highest market share in the year 2022. The growth can be ascribed to the amplified reach and accessibility of supermarkets/hypermarkets, allowing for a larger consumer base. These locations are evolving into the go-to, one-stop store for daily necessities because of the abundance of goods offered at substantial savings. Given the availability of an array of goods and discounts on them, the need for supermarkets/hypermarkets has gone up, delivering consumers with a one-of-a-kind shopping experience. Consumers often prefer to purchase beverages like chocolate-flavored coconut milk in bulk, which is easier to do at supermarkets/hypermarkets. 

Global Chocolate Coconut Milk Beverages Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

The region of Asia-Pacific dominated the Global Chocolate Coconut Milk Beverages Market in the year 2022. The upswing in the popularity of flavored coconut milk beverages, the rising adoption of dairy-free products, and the escalating interest in health and wellness are some of the pivotal factors propelling the region's growth. Furthermore, Asia-Pacific is home to several prominent market players, including Natural Raw C Pty. Ltd., Ahya Coco Organic Food Manufacturing Corp., Newtreo Global Pvt. Ltd., Universal Food Public Co. Ltd, and Thai Coconut PCL. The region of North America is anticipated to expand at the quickest rate over the forecast period 2023-2030 owing to high disposable income, the rising adoption of the vegan lifestyle, the growing number of health-conscious individuals, and the strong presence of significant market players, including The Vita Coco Company, Inc., The Neighborhood Beverage Company, LLC, and The WhiteWave Foods Company.

Global Chocolate Coconut Milk Beverages Market Key Players:

1. The Vita Coco Company, Inc. (United States)

2. The WhiteWave Foods Company (United States)

3. Califia Farms, LLC (United States)

4. Venga Drinks (South Africa)

5. Natural Raw C Pty. Ltd. (Australia)

6. Ahya Coco Organic Food Manufacturing Corp. (Philippines)

7. Newtreo Global Pvt. Ltd. (India)

8. The Neighborhood Beverage Company, LLC (United States)

9. Universal Food Public Co. Ltd. (Thailand)

10. Shaken Udder Ltd. (United Kingdom)